BOJ Rate Decision in Focus as Sticky Inflation, Weak Yen Shape USD/JPY and Nikkei Outlook 
China Holds Loan Prime Rates Steady for 14th Month as Economic Recovery Remains Uneven 
RBI Holds Repo Rate at 5.25% as Inflation Risks and Global Uncertainty Persist 
ECB Expected to Hold Rates as Middle East Tensions Keep September Hike in Focus 
South Korea Raises Interest Rates to 2.75% as Inflation and Weak Won Drive Tightening 
Australia Inflation Cools as Core CPI Misses Forecasts, Easing RBA Rate Hike Pressure 
Currently SEK is slightly stronger than the Riksbank's forecast. This is the main reason that FX intervention is expecting to bolster the rise in Inflation.
- There are two possibilities that Riksbank may undertake. Either bank intervenes in FX market to prevent SEK appreciation or actively putting the SEK on a depreciating trend. But according to our view, to depreciate the currency is not on the table in recent time.
- Hence, we stick to the view that the Riksbank will have to cut the repo rate somewhere in first half of the year.
